ReEnergy paying $93M for 5 plants in NY, Maine

ReEnergy Holdings LLC., a renewable energy company based in Latham, New York, has reached a deal with Quebec-based Boralex Inc. to acquire five plants in Maine and New York.

ReEnergy said it was buying the plants for $93 million.

The deal means ReEnergy will increase its head count to 260. A call to the company was not immediately returned.

ReEnergy said the plants are biomass-to-energy production facilities. The plants convert biomass, or vegetative waste, into renewable energy.

The acquired plants are: a 20-megawatt facility in Chateaugay, New York in Franklin County; a 40-megawatt facility in Ashland, Maine; a 36-megawatt facility in Fort Fairfield, Maine; a 40-megawatt facility in Livermore Falls, Maine; and a 50-megawatt facility in Stratton, Maine. The facilities rely principally on forest residue to create renewable energy.

ReEnergy was founded in 2008. Prior to the latest deal, it had purchased five facilities since August 2009.

The company has access to capital through its majority owner, Riverstone Holdings LLC, a New York City-based private equity company with $17 billion in renewable energy companies under management.To read the announcement